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HMRC has updated its guidance. A new section (‘Company tax return’) has been added which explains that grants and payments to support businesses during coronavirus (COVID-19) are taxable and need to be declared on company tax returns.

Over 30 documents were published on the inaugural ‘Tax Administration and Maintenance day’ signifying the start of a period of consultation and evaluation. Our summary document details the key announcements.

29 November 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

The CIOT has commented on Finance (No.2) Bill 2021 briefings on - Clauses 7-8 Schedule 1: Basis Period Reform, Clauses 53-66: Economic Crime (Anti- Money Laundering) Levy and Clauses 84-90 Schedule 12: Tackling Tax Avoidance.

22 November 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

HMRC has published Agent Update issue 90 (November 2021) providing a round-up of recent developments for tax agents and advisers.

The Treasury has announced that Tax Administration and Maintenance Day will be on 30 November 2021.

HMRC has updated its guidance on packaging subject to plastic packaging tax with more information about recycled plastic.

The Chartered Institute of Taxation (CIOT) has responded to the Treasury Committee’s inquiry into the Autumn Budget and Spending Review 2021.

These Regulations amend the Authorised Investment Funds (Tax) Regulations, SI 2006/964 (the AIF regulations) to provide for tax treatment of a new type of authorised fund called the long-term asset fund (LTAF), which targets investment in long-term illiquid assets, following the introduction of rules for these new fund vehicles by the Financial Conduct Authority. They also make provision in relation to the application of Part 3A of the Corporation Tax Act 2010 (companies with small profits) to qualified investor schemes.

The Finance Bill 2022 had its second reading on 16 November 2021. The notes to the Budget Resolutions were also updated.

HMRC has published new guidance on claiming enhanced capital allowances and structures and buildings allowances in a designated Freeport tax site. These reliefs can be claimed until 30 September 2026.

15 November 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

The European Parliament has formally adopted a directive to amend the Accounting directive 2013/34/EU.  The Directive will enter into force 20 days after publication in the Official Journal. Member states will  have 18 months to transpose the law meaning that businesses are expected to need to comply with the first provisions of the directive by the middle of 2024.

HMRC has published new guidance setting out how HMRC deals with customers who receive a joint and several liability notice for a company that has received COVID-19 support payments, including conditions for giving a notice and safeguards.

HMRC has updated its policy paper on ‘Extended Loss Carry Back for Businesses’ to clarify in the section on 'Loss carry-back allocation statement requirements' that such statements are only required to list members of the 2020 or 2021 group (as appropriate) if they are within the charge to CT.

The Organisation for Economic Co-operation and Development (OECD) has announced that Mauritania has joined the Inclusive Framework on BEPS and become its 141st member.

Ahead of the introduction of Plastic Packaging Tax from 1 April 2022, HMRC has launched a consultation to seek views on the technical application of draft Plastic Packaging Tax (General) Regulations 2021.

The Welsh Government has published a Tax Policy Framework Update and a Tax Policy Work Plan setting out strategic tax priorities for the 2021–2026 Senedd term.

Finance Bill 2022 was published on 4 November 2021.